Bear Stearns High Yield Index starts 2004 with a 1.60% gain

New York, Jan. 9 - The Bear Stearns High Yield index started 2004 the way it finished 2003 - on an upward path.

For the week to Jan. 8 the index showed a sharp jump upwards, gaining 1.60% in the seven-day period.

That follows a gain of 28.92% for all of 2003.

Transportation led the gains, rising 2.37%, mostly due to its airlines component shooting 4.09% higher. That also made airlines the top performing sub-sector.

All 11 of the broad industry sectors were in positive territory for the week.

The weakest performance was consumer cyclicals, although they still moved up 1.03%.

All the sub-sectors making up the broader groups also showed gains.

Retailers were in last place with a 0.39% return.

The index's yield to worst ended the week at 7.26%. The yield-to-worst spread shrank 33 basis points to 432 basis points from 465 basis points.

The index ended the week to Jan. 8 with a market value of $507.71 billion in 1,653 issues.

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